We investigate the relationship between violence and economic risk
preferences in Afghanistan combining: (i) a two-part experimental
procedure identifying risk preferences, violations of Expected Utility,
and specific preferences for certainty; (ii) controlled recollection of
fear based on established methods from psychology; and (iii) administrative
violence data from precisely geocoded military records. We
document a specific preference for certainty in violation of Expected
Utility. The preference for certainty, which we term a Certainty
Premium, is exacerbated by the combination of violent exposure
and controlled fearful recollections. The results have implications
for risk taking and are potentially actionable for policymakers and
marketers.